The majority of businesses including small and medium-sized businesses (SME’s) does not have adequate funding, available reserves and resources to pursue opportunities in the marketplace. The solution is to raise funding in the financial markets in order to take advantage of such opportunities. However, these businesses must persuade investors to invest in it in order to generate good returns. These businesses must also convince other lenders and suppliers to provide funding and credit at reasonable terms and conditions, interest rates and prices.
However, the majority of these businesses especially SME’s have difficulty in accessing funding in the financial markets. Consequently, these difficulties inhibit the survival and growth of these SME’s.
Credible financial information
Investors, lenders and suppliers of credit require reliable and credible financial information in order to make meaningful investment, lending and/or credit decisions, respectively. Reliable and credible financial information includes annual financial statements, management accounts, budgets and budgetary information, credible financial forecasts, business plans, integrated reports and other narrative reports.
Comprehensive financial information positions businesses to consider various offers of funding from various sources in order to make optimal financing decisions.
Other benefits of financial statements
Financial statements have the following additional benefits:
- Annual financial statements including other financial and business reports enable owners of businesses and management to effectively manage and control the affairs of their businesses and operations in order to create value in the short term, medium term and long term,
- Financial information can be used to extract relevant insights that will leverage decision-making and the growth prospects of a business,
- Companies who prepare financial statements comply with the Company’s Act, 2008, Income Tax Act, Value Added Tax Act, 1991 and other relevant legislation,
- Financial statements are used to compile and submit income tax returns,
- Investors use financial statements to measure the performance of their investments in businesses and assets,
- Financial statements are used to value and/or sell businesses, business interests and securities,
- Financial statements, amongst other information, are used in the development of business strategies,
- Business and financial advisors use financial statements, amongst other information, to support the provision and implementation of value adding advice to their clients,
- Governments and NGO’s use credible financial statements to consider applications for grants and financial assistance,
- Financial statements have many other benefits.
Why should you outsource your financial statement preparation.
Compiling credible financial statements and other financial information is highly technical, complex and time consuming. By outsourcing the compilation of financial statements, you will:
- entrust the compilation of credible financial statements and information to a SAICA registered professional accountant who is highly skilled with regards to the various accounting frameworks, standards, legislation and practices applicable to a range of businesses and organisations in various industries and markets,
- reduce cost and improve operational efficiencies within your business,
- reduce the workload of your finance team, so that they can focus on more important and productive matters.
Scope of compiling financial statements
We compile annual financial statements in accordance with:
- International Financial Reporting Standards (Full IFRS) and IFRS for Small and Medium-sized entities. These are the reporting frameworks according to which financial statements must be compiled in order to be credible, reliable and acceptable by investors, lenders, banks, other providers of capital and users,
- International Standards on Related Services 4410 (Revised) – Compilation Engagements,
- The Company’s Act – 2008.
- Generally Recognised Accounting Practice (GRAP) – public sector,
- Public Finance Management Act and Municipal Finance Management Act- public sector,
- National and Provincial Treasury Regulations- public sector.
We offer this service to:
- listed companies
- unlisted companies
- close corporations
- sole traders
- partnerships
- trusts
- municipalities
- governments departments – national and provincial
- state-owned entities
- non-profit organisations (NPO)
About our company
Our company, Bethanie Management Consulting, has the capability, experience, capacity and resources to compile reliable and credible financial statements and other financial and business information. We have compiled financial statements and reports for various clients in a broad range of industries.
Our CEO is an associate of the South African Institute of Chartered Accountants.
You may also download our business profile by clicking here.
You may also visit our blog at www.bethanieconsulting.co.za/blog to read more about how we create value for our clients.
Contact us
Please call us at 011 042 9768 or 072 296 1281 (Virgil). Or chat to us on WhatsApp. You can also email us at virgil@bethanieconsulting.co.za. Or you may contact us by completing our online form for a call back.